Overworked, But Paid
I’m overrun with projects this week. While I love the work, I’d love it if the jobs were a bit more spaced apart. However, I shan’t complain – I’m working. Amen. Alleluia. It could be worse. It could be like last year at this time when the two nickels I had to rub together were saying quick goodbyes to each other. No, this year, things have improved dramatically.

I give some credit to my payment system. It’s of my own design. It’s simple. I invoice three times. Each subsequent invoice gets a late fee tacked on. The third invoice is the final one before litigation begins. I’ve been very lucky – not once have I had to follow through and take an overdue bill to court.

Sometimes it’s going to be challenging to you to have a good payment system. If you’re anything like me, you’ll have clients who have their own way of handling invoices. One client wants a purchase order. Another needs a project number. Yet another has a very specific invoice template. How do you deal?

I save any client-specific templates in that client’s Word folder. That means a bit more organization. Yes, I create a new folder in My Documents for each client (makes it tons easier to locate something later). I’m sure you do something similar. But that’s where the templates should go, too.

Each time I finish a job for a client, I scan the folder quickly to see if there’s a template to apply. (Yea, I forget from client to client) Also, I have designated separate folders in Outlook for client emails. Again, it helps narrow the search. I fill out the invoice and then print one. That invoice gets filed in a manila folder marked “Current Invoices” that I keep on my desk. Every week, I go through the folder to make sure folks are current. If not, another invoice gets sent and a copy is printed and stapled to the existing invoice. Also, I track all invoices (and expenses, for that matter) in Quicken. Once a week, I reconcile things as best I can (I’m not an accountant, nor will I ever be accused of impersonating one). That’s it. That’s how I keep from losing control of payments.

It shouldn’t take much to organize a payment system. Figure out what would work best for you. Maybe it’s a paper system. Maybe it’s some electronic system. Maybe you’ll use software to help you track things. Whatever works for you, I say. One benefit of your system – you will know exactly when to press for payment, be it a late fee or a threat of litigation/collection. Because you’ve taken control of your billing, you’ll have an easier time going after what’s due you.